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1
Adekomi, D. A., and C. O. Alebiosu. "Nigeria’s development process, methodology and milestones planned for VISION 20:2020 - 13 years after." Research Journal of Health Sciences 9, no. 2 (April 13, 2021): 192–96. http://dx.doi.org/10.4314/rejhs.v9i2.11.
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Regional and international economic integration
Regional economic integration has helped many countries of the world to concentrate on issues that are essential to their development as well as encourage local, national, and international trade between countries and neighbors. In the past years, there has been increase in trading blocs with numerous agreements in place and more in the pipeline(s). These agreements provide more opportunities for countries to interact and trade with one another without barriers to investment and trade. This manuscript discusses regional and international economic integrations in line with VISION-20-20 and the Nigeria economy.
Keywords: Trade, investment, money, economic goals, Africa
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Garman, George, Janis Petersen, and Debora Gilliard. "Economic Integration In The Americas: 1975-1992." Journal of Applied Business Research (JABR) 14, no. 3 (August 31, 2011): 1. http://dx.doi.org/10.19030/jabr.v14i3.5698.
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<span>Latin American countries renewed their interest in regional trading blocs during the 1980s. According to Salgado, this renewed interest took the form of two phases: 1984-87, and from 1986 on. This paper uses a gravity equation to examine Latin American and Caribbean trade flows to ascertain the effectiveness of the Central American Common Market, Andean Pack and Latin American Integration Association, and to identify the factors affecting Latin American integration. Geographic distances are adjusted for the level of infrastructure development in an attempt to better proxy economic distance. A Chow Test is used to test for Salgados two phases.</span>
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Nagel, Daniel, and Sorin Burnete. "Faults of the International Trade System: the Notion of Multilateralism in the Retreat." Human and Social Studies 7, no. 3 (October 1, 2018): 23–46. http://dx.doi.org/10.2478/hssr-2018-0023.
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Abstract The indisputable success of the European integration project also prompted other regions of the world to follow suit. On the other side of coin, these regional blocs cultivated free trade within but remained protectionist vis-àvis the outside, thereby impeding the progress of the multilateral trade system. But also the soaring number of WTO member states accompanied by their incompatible interests, its ambitious agenda spanning over 20 diverse issues and, in particular, the single undertaking approach emerged as the Doha’s Round “stumbling blocks”. The utter dismay over the Doha’s Round deadlock has provoked countries to opt for alternative for a outside the WTO in their endeavor to expedite far-reaching trade liberalization. Besides the vast economic growth in Asia and the rise of international production networks, this urge for deeper integration represents one of the central root causes for the most recent wave of PTAs which has been gathering force over the course of the 21st century and increasingly puts the WTO’s raison d’être under critical scrutiny.
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Kohler, Wilhelm. "Die Osterweiterung der EU aus der Sicht bestehender Mitgliedsländer: Was lehrt uns die Theorie der ökonomischen Integration?" Perspektiven der Wirtschaftspolitik 1, no. 2 (May 2000): 115–41. http://dx.doi.org/10.1111/1468-2516.00008.
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Abstract Eastern enlargement will be costly to incumbent EU countries, as the new members will all be net recipients of EU funds. A balanced view requires that the gains from integration be set against this cost. Drawing on established theories of economic integration, this paper first identifies typical fallacies present in policyoriented thinking about gains from trade liberalization and the role of preferential trading blocs like the EU. Using detailed data on east-west trade for each of the present member states, as well as the relevant trade barriers of the EU and applicant countries, it then presents empirical estimates on the likely orders of magnitude for integration gains. Comparing these to country-specific estimates of the fiscal burden from enlargement, it identifies likely winner and loser countries.
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Safronova, I. A. "THE VALUE CHAINS OF HIGH-TECHNOLOGY PRODUCTS AS FACTOR OF FORMATION OF THE REGIONAL COMPREHENSIVE ECONOMIC PARTNERSHIP." MGIMO Review of International Relations, no. 6(51) (December 28, 2016): 125–35. http://dx.doi.org/10.24833/2071-8160-2016-6-51-125-135.
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This article analyzes the value chain of high-tech products in Asia and the role of this phenomenon in the further consolidation of trade blocs and alliances in the region. The presence of these chains and their gradual transition from a vertically integrated model to a system of horizontal linkages and interdependence leads to the formation of mechanisms of economic de-facto integration (so-called regionalization process). The East Asian region has demonstrated unprecedented high rates of economic growth in recent decades. The countries are actively developing mechanisms of multilateral cooperation, involving partners from across the Asia-Pacific region. Particular features of a new regional architecture of economic relations are becoming more tangible, and the essential element of this architecture is the intra-regional integration. The author presents an assessment of further developments of the Regional comprehensive economic partnership (RCEP) using the structural-functional approach and analytical instruments of the international political economy, The creation of this trade block will help less advanced countries of ASEAN to accelerate economic growth and improve the conditions for integration into global value chains. For advanced economies, participation in the RCEP seems controversial, because production chains have well-established formats within the framework of ASEAN +. The political standoff between Washington and Beijing has an impact on dynamics of regional integration. The split among the East Asian countries was galvanized by the Trans-Pacific Partnership Project (TTP), because TPP has objectives that are very similar to those of RCEP (trade liberalization and economic integration). The author concludes that the extension of this partnership in the ASEAN countries can seriously complicate the operation RVEP and enhance the impact of political factors on economic cooperation. In this case, the value of production and supply chains of high-tech products will decline, which may affect the economic cooperation in the region as a whole.
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Houngbedji, Marc. "The New Regionalism in the Developing World: Case Studies of the ASEAN Free Trade Area and the UEMOA Common Market." International Studies Review 9, no. 1 (October 8, 2008): 75–105. http://dx.doi.org/10.1163/2667078x-00901004.
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This article examines the dynamics at regional level that have been influencing and shaping the course of regional integration processes in Southeast Asia and West Africa since the early 1990s. The winding down of the Cold War led to a revival of interest in regional arrangements elsewhere, especially in many parts of the developing world, where regional economic blocs have been emerging while efforts to strengthen the existing ones have been going on. Using the particular case studies of the ASEAN Free Trade Area (ATTA) and the UEMOA Common Market (CM), this paper argues that beyond the direct impact of the proliferation of regional blocs elsewhere and the dynamic effects of globalization, which induce tight competition for production locations, trade shares, stock market capital and foreign direct investment (FDI), the adoption, acceleration and consolidation of the AFT A and UEMOA CM schemes, mostly respond to the necessity to balance the FDI diverting effects and the growing ascent of China and Nigeria emerging as regional powers. The logic of balance-of-power and the imperious necessity to get regional and international visibility in the globalizing world induced ASEAN and UEMOA leaders to undertake important regional integrative initiatives and policies conducive to create a single and competitive regional bloc, respectively within Southeast Asia and West Africa.
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Razić, Sanel, and Merim Kasumović. "MACROECONOMIC STABILITY OF NEW MEMBER STATES OF THE EUROPEAN UNION: FIFTH ENLARGEMENT." ЗБОРНИК РАДОВА ЕКОНОМСКОГ ФАКУЛТЕТА У ИСТОЧНОМ САРАЈЕВУ 8, no. 19 (February 10, 2020): 55. http://dx.doi.org/10.7251/zrefis1919055r.
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The historical context of globalization as an organized process, which influenced the majority of national economies linked via international institutional mediators, led to the so called regional economic integration phenomenon. It is interpreted as the efforts of underdeveloped and developing countries to speed up their economic growth and more significantly impact the entire macroeconomic stability by means of some form of regional integration. Nowadays, regional economic integration is one of the pillars for proper functioning of modern economic relations. Experience of developed countries serves as an example to point out that integration processes inevitably contribute to more favorable environment for developing business sector in the countries striving for integration. In the context of global integrations, more frequent forms of regional changes and the establishment of trade blocks come as the consequence as well as the overall need for obtaining trade balance among national economies. Within this context, the European Union is seen as one of the most important regional integration and an imperative in economic, political and cultural segment, as it is the territory with significant economic growth and the region with high living standards.
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Ozekhome, Hassan. "International Trade Costs and Trade Flows: Evidence from the West African Monetary Zone (WAMZ)." Finance & Economics Review 2, no. 1 (May 22, 2020): 63–76. http://dx.doi.org/10.38157/finance-economics-review.v2i1.80.
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Purpose: The study examines the effect of international trade costs on trade flows in the West African Monetary Zone (WAMZ), a sub-regional economic bloc within the Economic Community of West African States (ECOWAS).
Method: Six member countries of the WAMZ, based on data availability, are examined using panel data estimation technique and the Fully Modified Ordinary Least squares (FMOLS), which is employed to test for the robustness of results, for the sample period of 2006-2018.
Results: The study finds a negative and significant effect of international trade costs on trade flows in the WAMZ sub-region. Time to trade is also found to be negatively and significantly related to trade. Exchange rate, financial development (measured by commercial banks' credit to the private sector), and real GDP growth rate (a measure of growth in annual national income/economic size) have a positive and significant impact on trade in the sub-region. The study further finds evidence that the ease of doing business is positively related to trade in the sub-region, but the impact is weak.
Implications: In the light of the empirical findings, the study recommends that policy measures and strategies to reduce international trade costs and time to trade through simplified and harmonized trade procedures be implemented in the sub-region. Policies to encourage domestic investment (i.e increase capital stock) and rapid development of the financial sector should also be implemented. These should be supported with sound and stable macroeconomic exchange rate management policies, in order to enhance trade and integration in the sub-region.
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Shiolashvili, Giorgi. "Foreign trade of Georgia in the context of the development of integration processes." RUDN Journal of Economics 28, no. 2 (December 15, 2020): 367–84. http://dx.doi.org/10.22363/2313-2329-2020-28-2-367-384.
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The article researches the development of foreign trade in goods of Georgia in the context of the country's participation in international integration processes from the mid-1990s to the present. The evolution and features of Georgias participation in such integration organizations and projects as the Commonwealth of Independent States, GUAM, the Eastern Partnership of European Union, as well as interaction with the countries of the Eurasian Economic Union are examined. Based on a detailed analysis of the dynamics, commodity and geographical structure of Georgias foreign trade in goods in the long term period, the article substantiates the conclusion that the participation of Georgia in the Free Trade Agreements, as well as trade liberalization carried out in integration blocks, have practically no effect to change the exportimport flows of the country, and do not lead to an increase in foreign trade with the member countries of the integrations. The most significant factors that determine Georgias foreign trade and its trends are the country's geographical location and the level of the transport infrastructure development, the implementation of large-scale transport and logistics projects in the region, external financing provided to the country by international and regional organizations, foreign countries, on a credit and grant basis.
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Saayman, Andrea, Paolo Figini, and Silvio Cassella. "The influence of formal trade agreements and informal economic cooperation on international tourism flows." Tourism Economics 22, no. 6 (December 2016): 1274–300. http://dx.doi.org/10.1177/1354816616672600.
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This article aims to contribute to the literature on the effects of trade bloc formation and plurilateral economic cooperation on international tourism flows. This research expands previous findings in the number of countries (58) and types of agreements (formal and informal, global and regional) under investigation in order to (i) capture the effect of both formal trade agreements and plurilateral economic integration on bilateral tourism flows; (ii) test the robustness of previous findings through the use of alternative econometric specifications, estimation techniques and measurement of tourism flows. In this respect, an important feature of this research is the introduction of ‘total tourism’, corresponding to the ‘total trade’ variable in trade studies, as an alternative dependent variable in the specification of the gravity model used throughout the article.
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Vervaele, John AE. "MERCOSUR AND REGIONAL INTEGRATION IN SOUTH AMERICA." International and Comparative Law Quarterly 54, no. 2 (April 2005): 387–410. http://dx.doi.org/10.1093/iclq/lei007.
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In the period between 1980 and 1995, both Europe and the US made huge investments in Latin America. The process of democratization in Latin America, especially in the countries marked by a tradition of military dictatorship, has reinforced the belief in political and economic stability. The economy has displayed considerable growth and, partly stimulated by the IMF and the World Bank, several countries are embarking on privatization on a grand scale.2 Political and economic cooperation between the countries is taking the place of political and military rivalry. The time is ripe for a new attempt at integration on this continent. The overtures between Argentina and Brazil led to the establishment of Mercosur. Its economic (Mercosur is the fourth largest trade bloc in the world after the US, the EU, and Japan) and political importance have been recognized, especially by the EU. As early as 1996,3 an Interinstitutional Cooperation Agreement was concluded, an interregional framework agreement for cooperation between the EU Member States and Mercosur States parties.4 Since then, the EU-Mercosur Bi-regional Negotiations Committee (BNC)5 has already had ten meetings at which topics such as the free movement of goods, public procurement, investments, services, e-commerce, and conflict resolution were discussed. The US has never appreciated the attempts at integration in Latin America and has always striven to conclude separate free trade agreements with each individual country. The recent free trade agreement with Chile is a clear example.6
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Orlova, Olga. "Imperatives of the Economic Integration of the Eurasian Economic Union Countries." Vestnik Volgogradskogo gosudarstvennogo universiteta. Ekonomika, no. 1 (April 2020): 183–91. http://dx.doi.org/10.15688/ek.jvolsu.2020.1.16.
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The development of integration of the Eurasian Economic Union (EAEU) countries is limited by the system of imperatives that includes challenges and threats to the interests and existence of the integration block and its members. The article identifies challenges to the development of the EAEU: liberal globalization, transition to the sixth technological order, global digital transformation, challenges associated with the emergence of new development centers and a new system of international redistribution of economic growth factors. It was established that external and internal challenges that do not receive well-timed and adequate answers are transformed into a system of threats. The paper provides a list of external threats to the Eurasian integration: threats, coming from western “partners” aimed at deterring and preventing integration processes in the EAEU, threats of a military nature, as well as threats of forming alternative integration projects. The author presents the analysis of internal threats: ethnic conflicts, changing foreign policies of the participating countries, conflicts of economic and political interests, problems of the financial and payment systems, limited mutual trade and investment relations, insufficient development of the transport infrastructure, the threat of “erosion” of a single economic and transit space of EAEU if the Unit is constructed on terms of “continental” integration. It is concluded that it is necessary to counteract the listed threats with measures of an economic, military-political or other nature.
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Vertakova, Yu V., and A. S. Nekipelova. "IMPLEMENTATION OF COMPETITIVE ADVANTAGES OF THE EURASIAN ECONOMIC UNION: FORESIGHT-DESIGNING." Proceedings of the Southwest State University 21, no. 5 (October 28, 2017): 123–29. http://dx.doi.org/10.21869/2223-1560-2017-21-5-123-130.
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In world economy the next surge in processes of transformation is observed. Globalization of commercial ties can be considered as interaction of the countries at the level of regional blocs. The international community reveals the prospects of forming of regional spaces which state members can be integrated among themselves stronger, than with the third countries, and the system of bilateral and multilateral ties and arrangements will be built not only between the countries, but also between economic blocks. As a result of a cooperation each country shall gain additional economic effect for the realization account of integration potential of consolidation and competitive advantages of state members of the Eurasian Economic Union (EEU). The additional effect for state members of EEU will be expressed in acceleration of achievement of national strategic objectives and also receipt of an increment of national economic results due to implementation of integration measures and projects. The majority of economically developed countries of the world recognized need not only forecasting of the future for identification of the directions of a joint cooperation in case of achievement of strategic objectives, but also its active forming by means of such tool as forsayt-designing. In a research theoretical and empirical methods are used, in particular: overview of literature, logical and system analysis, methods of collection of empirical data, descriptions, forecast and handling of results of a research, forsayt-designing. The main objective of a research consists in a research of features of implementation of competitive advantages of the Eurasian Economic Union on the basis of forsayt-designing. In article influence of processes of rapprochement of Russia and China on integration of the last into EEU is considered. The prospects of interaction of the Russian Federation and the People's Republic of China on the basis of development of dynamically developing border areas, potential kernels of economic development are considered. On the basis of expert poll road mapping of cross-border interaction of Russia and China on key parameters is made: foreign trade, possible programs of a cooperation.
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Bianculli, Andrea C. "Politicization and Regional Integration in Latin America: Implications for EU–MERCOSUR Negotiations?" Politics and Governance 8, no. 1 (March 31, 2020): 254–65. http://dx.doi.org/10.17645/pag.v8i1.2598.
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Regional integration in Latin America has experienced different periods of politicization. The most recent goes back to the 2000s and is related to the domestic political changes resulting from the so-called ‘left turn’ which sought alternative economic and development policies to neoliberalism as the state regained centrality. These transformations led to a broad process of politicization of regionalism which changed the terms of the debate surrounding whether regional integration and free trade are the only way for these countries to integrate regionally and internationally. Analyses have thus underscored the postliberal character of this phase of regionalism as reflected in the greater weight of social and political agendas at the expense of economic and trade issues. The Common Market of the South (MERCOSUR) was no exception to this trend. However, in 2010 the bloc rather surprisingly agreed to relaunch negotiations with the European Union (EU). Why did MERCOSUR decide to resume these negotiations—stalled since 2004—in a context of high politicization of regional integration? This article argues that internal politicization did not lead to a paralysis of the international agenda. Moreover, internal politicization, coupled with external pressures and the demand for group-to-group negotiations by the EU, drove and supported the conduct of international negotiations. In so doing, this article also contests the idea that after the 2000s, MERCOSUR moved inexorably towards a postliberal model, thus rejecting any trade component. Findings suggest that these accounts may have overemphasized change and underestimated continuities in regional integration dynamics as the case of the external agenda shows.
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Beker, Emilija. "Economic aspects of globalization." Privredna izgradnja 48, no. 3-4 (2005): 135–53. http://dx.doi.org/10.2298/priz0504135b.
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Economic aspects of globalization are related to the increasing economic integration and interdependence on a global level through the processes of overall trade and financial liberalization and deregulation, minimization the role of the state, domination of market principles and mechanisms, and appearance of new actors on international economic scene. Ideological background of the new globalization wave is neoliberalism or market fundamentalism that is institutionalized in the form of trilateralism in international economic relations. Trilateralism includes concentrating the power of governing and regulation of international relations on three regional blocks in the world economy (SAD, Western Europe and Asia) and three international economic institutions (IMF, WTO and WB) that regulate specific area of international economic relations. Although globalization represents huge potential for creation of enormous economic prosperity these benefits aren't evenly distributed, so there exists an increasing gap between the wealthy and the poor that deepens the discontents of the globalization process. Considering that the only alternative is autarky and isolation of economy, globalization cannot be an option, but a reality that must be accepted, however, not at the cost of annulling national interests and sovereignty, degrading economic positions and initiating enormous social tensions.
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Park, Yung Chul, and Chi-Young Song. "Renminbi Internationalization: Prospects and Implications for Economic Integration in East Asia." Asian Economic Papers 10, no. 3 (October 2011): 42–72. http://dx.doi.org/10.1162/asep_a_00100.
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This paper argues that renminbi (RMB) internationalization and China's strategic interests in ASEAN will combine to deepen economic integration and pave the way for creating a de facto RMB bloc consisting of the 10 ASEAN countries, China, Hong Kong, and Taiwan—a grouping we call ASEAN+New3. Such a currency bloc is likely to weaken the initiatives of the existing ASEAN+3 (China, Japan, and Korea) for regional monetary-financial cooperation because neither Japan nor can Korea join the new currency bloc for economic and political reasons. This paper also argues that RMB internationalization would delay the resolution of the trade imbalance between East Asia and the United States because China would be pressured by the other members of ASEAN+New3 to maintain stability of the RMB vis-à-vis the U.S. dollar.
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Falkowski, Krzysztof. "Long-Term Comparative Advantages of the Eurasian Economic Union Member States in International Trade." International Journal of Management and Economics 53, no. 4 (December 20, 2017): 27–49. http://dx.doi.org/10.1515/ijme-2017-0024.
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Abstract On 1st January 2015 the Eurasian Economic Union (EAEU) - a new integration block comprising initially Belarus, Kazakhstan, and Russia, and later that year also Armenia and Kyrgyzstan - appeared on the world map. This paper endeavors to identify the EAEU countries’ long-term international comparative advantages within four basic groups of goods according to the OECD classification of manufacturing industries based on technology intensity. The analysis, using B. Balassa’s RCA methodology and covering the years 2000-2014, indicates that these countries lack competitiveness, with none of them possessing any RCAs in the high-technology category whereas in the medium-hightechnology category - only Belarus. In contrast, all the EAEU countries fared the best in the medium-low-technology category, which is mostly attributable to the resources-based character of their economies. Surprisingly, dramatically low international competitiveness was recorded by Kazakhstan and Russia.
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Perry, Denielle M., and Kate A. Berry. "Central American integration through infrastructure development: A case study of Costa Rican hydropower." Regions and Cohesion 6, no. 1 (March 1, 2016): 96–115. http://dx.doi.org/10.3167/reco.2016.060105.
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At the turn of the 21st century, protectionist policies in Latin America were largely abandoned for an agenda that promoted free trade and regional integration. Central America especially experienced an increase in international, interstate, and intraregional economic integration through trade liberalization. In 2004, such integration was on the agenda of every Central American administration, the U.S. Congress, and Mexico. The Plan Puebla-Panama (PPP) and the Central America Integrated Electricity System (SIEPAC), in particular, aimed to facilitate the success of free trade by increasing energy production and transmission on a unifi ed regional power grid (Mesoamerica, 2011). Meanwhile, for the United States, a free trade agreement (FTA) with Central America would bring it a step closer to realizing a hemispheric trade bloc while securing market access for its products. Isthmus states considered the potential for a Central America Free Trade Agreement (CAFTA) with the United States, their largest trading partner, as an opportunity to enter the global market on a united front. A decade and a half on, CAFTA, PPP, and SIEPAC are interwoven, complimentary initiatives that exemplify a shift towards increased free trade and development throughout the region. As such, to understand one, the other must be examined.
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Razumovskii, D. "Latin American Integration and Extra-Region Cooperation. Prospects for Russia." World Economy and International Relations, no. 8 (2015): 82–91. http://dx.doi.org/10.20542/0131-2227-2015-8-82-91.
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Extra-regional contacts of Latin American integration unions have been actively developing over last decades. Generally it was the effect of a globalization process. Regional platforms have been created for multi-format cooperation both with separate countries and unions. The motives of inter-union cooperation are the efforts of developing countries to strengthen their bargain power and the requirement to expand export markets. The experience of such partnership between Latin America and different regions allows to define several models characterized by different mechanisms and instruments of a dialogue development (LAC–EU, LAC–US and “South–South” cooperation). There are different approaches to economic integration with extra-regional partners among Latin American unions and countries. A number of them follow open and flexible trade policy, while other establish preferential blocks with restrictions on bilateral trade negotiations. Until now Russia preferred to develop bilateral relations with its key allies in Latin America without building close ties with integration unions. But current geopolitical and economic situation encourages Russia to establish such partnership agreements with regional organizations, which are the rising power on the regional and global scene. Without it the full development of economic and political ties between both regions and their association on the international scene would be complicated. The fact that Eurasian Economic Commission recently launched the negotiations process with MERCOSUR demonstrates that Latin American unions start to be considered as prospective partners. In the future, Eurasian Economic Commission can serve as the main platform for bi-regional partnership.
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PĂUN, Nicolae. "The EEC and Comecon: A Difficult Relationship, 1960-1974." Journal of European Integration History 26, no. 1 (2020): 127–38. http://dx.doi.org/10.5771/0947-9511-2020-1-127.
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The degree of economic integration attained within Comecon never came close to the one fostered by the policies within the European Economic Community, notably the Common Commercial Policy. Moreover, the relations between the two entities were hindered by the fact that the Moscow-driven bloc fell short of granting recognition to the EEC, with trade relations being organized in the form of bilateral agreements between countries from both sides of the Iron Curtain, until the mid-1970s. This study chiefly relies on Romanian archives, which demonstrate the specific interests of socialist countries pertaining to the fate of their economic agreements with Western states, set against the background of the institutional progress made by the EEC in shaping its Common Commercial Policy. The attempts by the former to sabotage the Community endeavour are explained through figures indicating the amount of trade conducted with Western countries, but various breaches weakened Comecon’s position.
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Kwan, Fung. "Yen Bloc: Toward Economic Integration in Asia. By C. H. Kwan. [Washington, DC: Brookings Institution Press, 2001. xviii+224 pp. £16.95, $22.95. ISBN 0-8157-0083-0.]." China Quarterly 172 (December 2002): 1065–103. http://dx.doi.org/10.1017/s0009443902280626.
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Asian economies have long pegged their exchange rates to the US dollar and used the dollar in international transactions. The increasing importance of intra- and extra-regional trade, together with the latest financial crisis and the adoption of a single currency in Europe, raises the question of forming an international monetary union in Asia.
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Strel’tsov, V. "Japan: Course Towards Joining to Trans-Pacific Community." World Economy and International Relations, no. 12 (2012): 70–77. http://dx.doi.org/10.20542/0131-2227-2012-12-70-77.
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Currently, ten countries are negotiating the membership in the Trans-Pacific Partnership (TTP). After joining of Japan (Japan is the third-largest economy of Asia-Pacific region after USA and China) the TTP will acquire a qualitatively new status while becoming a full-fledged prototype of a Pacific free trade area. As a result, such a zone could cover a wider range of countries on both sides of the Pacific Ocean. From this point of view, Japan’s participation certainly will mark a qualitative leap in the TPPs evolution, namely a transfer from the status of a peripheral economic block into a structure of global importance. Participation of Japan (which is an economic heavyweight) in the TTP will give a new impetus to the development of the world economy. Also, it will be an important step in coping with the aftermaths of the global financial and economic crisis. A happy end story, i.e. the creation of an effective framework for economic integration in the Asia-Pacific region, would have a considerable positive impact on the integration processes in Europe, where the acute debt crisis has put under question the viability of the European integration model.
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Spartak, Andrey N. "Metamorphosis of Regionalization: from Regional Trade Agreements to Megaregional Projects." Outlines of global transformations: politics, economics, law 10, no. 4 (November 28, 2017): 13–37. http://dx.doi.org/10.23932/2542-0240-2017-10-4-13-37.
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The article reviews history and contemporary state of such an economic and trade policy phenomenon as regionalism. Three consecutive stages of regionalization are identified. First stage – prehistory of regionalism – lasted from the middle of the XIX century till 1940-s and was characterized by the formation of bilateral customs unions in Europe with strong political motivation. Second stage – classic regionalism – covers the second part of the XX century and is mostly determined by integration processes in the European region, creation of the EEC and then the EU, organization of a big number of alliances among developing countries mainly in the form of customs union following the EU example and some trade blocs between developed economies beyond the EU (i.a. NAFTA). In this period special disciplines for RTA’s were elaborated under the framework of GATT/WTO. Third stage – globalizing networking regionalism – gained momentum at the start of 2000-s and continues, with certain reservations, till nowadays. Contemporary regionalism has qualitative distinctions from regionalism of the past century. Besides fast and universal, covering all regions and subregions of the world, growth of RTA’s number, their agenda is widening and deepening significantly going far beyond WTO. We could also witness increasing frequency of interregional and transcontinental RTA’s, as well as RTA’s with participation of trade blocks, including interbloc RTA’s. Peculiarity of the current decade is the appearance of a considerable number of RTA’s parties to which represent large and largest world economies, and that was not the case before. But the principal shift is related to the formation of megaregional trade agreements with ambitious, prointegration agenda. New generation RTA’s, containing wide regulatory garmonization agenda and suggesting increasing institutional homogenity of participating economies, de facto promote alternative vis-à-vis classic approach model for the creation of common economic space, though without supranational elements. Nowaday regionalism is definitely drifting towards megaregionalism – the higher stage of regionalization process. Politics of the new American administration and Brexit, which stimulated deglobalization and isolationist tendencies in part of Western world, in practice have only led to some regrouping and deceleration of certain megaregional projects followed by enhancing China’s position on the track of megaregionalism (RCEP, Belt and Road, megaproject with accompanying RTA’s, latest BRICS+ and BRICS++ initiative). Megaregionalism, under any scenario, will exert deep influence on the world trading system and the WTO. In certain conditions megaregional agreements could serve as the foundation for the emergence of new and by large universal system of global management in the sphere of international trade and economic cooperation either as a WTO plus arrangement or in some other form. But this needs long-lasting preparatory interaction for the convergence and finding common denominators between quite different megaprojects as regards their scope and depth.
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Biryukova, O. V. "Barriers to the EU Single Services Market." MGIMO Review of International Relations, no. 2(41) (April 28, 2015): 186–95. http://dx.doi.org/10.24833/2071-8160-2015-2-41-186-195.
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The EU has the most developed liberalization mechanism in services trade within the framework of an economic bloc. The system of supranational institutions, which decisions are binding upon member states, contributes to a high level of liberalization of trade in services in the EU. However, the creation of a single market for services hasn't completed at all. The reasons are following: not all basic principles for single market are fully applied, and a service is a very specific object for international trade. Financial-economic crisis caused a new wave of protectionism in different countries, which has reflected in the preservation of old and the emergence of new barriers to trade in services within the EU. Integration of services in the Union is accompanied by important trade initiatives at the multilateral level. In the World Trade Organization EU countries negotiate a new agreement on trade in services, and offer provisions which providing transparency, deepening liberalization and investor protection for foreign investors in the market, will also complement and foster the Transatlantic Trade and Investment Partnership (TTIP) EU - USA. Russia is only the fourth among most important partners of the EU in trade in services. At the same time the European Union remains a key Russian partner in trade in services and in goods. There is a considerable potential for growth in this sphere for both partners.
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Malakhova, T. S. "Ensuring sustainable foreign economic relations of countries at the forefront and outskirts of the European Union." National Interests: Priorities and Security 16, no. 10 (October 15, 2020): 1980–96. http://dx.doi.org/10.24891/ni.16.10.1980.
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Subject. Foreign economic and trade ties among countries are getting tighter and less predictable in the early 21st century. This directly stems from a growing disparity of partners, especially if it goes about their future cooperation as part of integration groups or international organizations. Communities of experts suggest using various approaches to locally adjusting integration phases, especially implementing the two-speed integration in the European Union. Objectives. The study is an attempt to examine an improvement of foreign economic cooperation and suggest its implementation steps for the European Union. This all is due to considerable inner controversies and problems within the EU, which grow more serious year by year. Methods. The methodological framework comprises the historical logic, dialectical principles, scientific abstraction method. The process and system approach was especially important for justifying the implementation of the above steps. It was used to examine foreign economic relations of partners in the European Union. Results. The article sets forth the theoretical and methodological framework for the geostrategic economic bloc, including a conceptual structure model. I present steps to implement a foreign economic cooperation of partners in the EU in terms of its form. Conclusions and Relevance. Should the form of the foreign economic relations among the EU countries be implemented, counties at the periphery of the EU will be able to become active parties to the integration group.
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Chepik, Ina. "Some aspects of internationalization of small and medium enterprises in Latin America and the Caribbean region." University Economic Bulletin, no. 44 (February 12, 2020): 130–36. http://dx.doi.org/10.31470/2306-546x-2020-44-130-136.
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Relevance of the research topic. The article discusses the foreign trade of small and medium enterprises (SMEs) in the Latin American region in the context of economic integration. Formulation of the problem. The SMEs are particularly vulnerable if the country integrates into the trade block, opens up the domestic market and is subject to competition from foreign companies. This aspect requires further study. Analysis of recent research and publications. The issues of regionalization and integration were studied by the economists J. Weiner, B. Balassa, R. Cooper. A special attention was paid to small business and international entrepreneurship by the authors F. Weidersheim-Paul, J. Johanson, P. MacDougall, A.Danilchenko and D. Kalinin. Problem statement, research objectives. The purpose of the article is to summarize information about SMEs foreign economic relations, as well as directions to encourage internationalization in the Latin American trading blocks. Research methodology. When writing the article, the basic methods of general scientific study were used, an analysis of expert opinions and international databases was carried out. Presentation of the main research material (results of work). The article compares the state of the SME sector in the Latin American region. The author shows the imperfection of the support policy for enterprises and the limited opportunities for the internationalization of Latin American SMEs. It discusses the integrated approach to encourage the SMEs foreign trade and its implementation by the given governments. The field of the results application. The results of the study can be used by the relevant government agencies in developing support programs for SMEs internationalization. Conclusions according to the article. Currently Latin America and the Caribbean’s have not reached a level of integration at which a unified sector development strategy and a support policy for SMEs internationalization are being developed. The governments have embarked on poverty alleviation issue and raising living standards through creating microenterprises in low value-added industries. Along with this, the measures are being taken to include SMEs in the supply chains of large businesses, encouraging the indirect internationalization of the sector. Integration with the developed countries will increase the chances of SMEs internationalizing. It will be facilitated by a vast foreign market, FDI and the establishment of supporting competitive industries among SMEs, as well as financial assistance from the regional funds.
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Kanayo, Ogujiuba. "Structural Constraints to African Continental Free Trade Area: Prospects, Issues and Policy Options." Research in World Economy 12, no. 4 (July 19, 2021): 54. http://dx.doi.org/10.5430/rwe.v12n4p54.
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The foremost intents of the African Continental Free Trade Area (AfCFTA) predicates on the integration of the African continent into mobile flows of trade and investment. This framework is structured to boost industrial development within the continent. However, statistics show an abysmal trade performance for Africa in comparism to the rest of the world. In contrast, projections indicate that the benefactors of the AfCFTA framework would be SMEs in the short term, which account for more than 75% of the continent’s businesses. Notwithstanding Africa’s resolve to disassemble trade restrictions, barricades to intra-African trade have persisted. Conversely, the scheduling of AfCFTA stands in sharp contrast with an international perspective framed by a tenacious increase in trade-restrictive processes. The pertinent question remains, can the objectives of AfCFTA increase Intra African Trade, given the persistent structural barriers in the continent. Using a desktop approach and secondary data, this article examines contemporary issues, which encumber trade within and amongst the regional blocks. From our examination, the foremost obstacle to AfCFTA have a fundamental political focus rather than an economic dimension. Accomplishing AfCFTA objectives would entail a strong political will and efforts by political leaders in Africa; if the barriers are effectively fixed, AfCFTA could attain a welfare improvement projected at over 16 billion dollars.
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Horváthová, Zuzana, Josef Abrhám, and Iva Chvátalová. "Development of Social Security in the Czech Republic in the Context of Current International Treaties." European Journal of Interdisciplinary Studies 1, no. 3 (December 30, 2015): 135. http://dx.doi.org/10.26417/ejis.v1i3.p135-141.
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The aim of the paper is to evaluate the state-of-play of social security with a focus on pension insurance in the Czech Republic and this due to the potential use of international agreements with individual countries of the European region. The contracts are divided in terms of whether the state is a part of the European Union, or remains outside that integration. The use of international agreements in the field of social security currently appears to be important for a number of reasons such as tourism, openness of the labour market, economic dependence on international trade and various kinds of migration. The issue is covered by interdisciplinary studies, where the knowledge of the humanities and economic fields mingles. Overall, the work provides a comprehensive overview of international agreements in the territory of the Czech Republic, not only in the period of the capitalism, but also captures the recent history, the period from the 1960s up to now, when the Czech Republic used to be a part of the socialist bloc, At that time most important become agreements and contracts with the former USSR.
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Horváthová, Zuzana, Josef Abrhám, and Iva Chvátalová. "Development of Social Security in the Czech Republic in the Context of Current International Treaties." European Journal of Interdisciplinary Studies 3, no. 1 (December 30, 2015): 135. http://dx.doi.org/10.26417/ejis.v3i1.p135-141.
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The aim of the paper is to evaluate the state-of-play of social security with a focus on pension insurance in the Czech Republic and this due to the potential use of international agreements with individual countries of the European region. The contracts are divided in terms of whether the state is a part of the European Union, or remains outside that integration. The use of international agreements in the field of social security currently appears to be important for a number of reasons such as tourism, openness of the labour market, economic dependence on international trade and various kinds of migration. The issue is covered by interdisciplinary studies, where the knowledge of the humanities and economic fields mingles. Overall, the work provides a comprehensive overview of international agreements in the territory of the Czech Republic, not only in the period of the capitalism, but also captures the recent history, the period from the 1960s up to now, when the Czech Republic used to be a part of the socialist bloc, At that time most important become agreements and contracts with the former USSR.
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Hurrell, Andrew. "Explaining the resurgence of regionalism in world politics." Review of International Studies 21, no. 4 (October 1995): 331–58. http://dx.doi.org/10.1017/s0260210500117954.
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The past decade has witnessed a resurgence of regionalism in world politics. Old regionalist organizations have been revived, new organizations formed, and regionalism and the call for strengthened regionalist arrangements have been central to many of the debates about the nature of the post-Cold War international order. The number, scope and diversity of regionalist schemes have grown significantly since the last major ‘regionalist wave’ in the 1960s. Writing towards the end of this earlier regionalist wave, Joseph Nye could point to two major classes of regionalist activity: on the one hand, micro-economic organizations involving formal economic integration and characterized by formal institutional structures; and on the other, macro-regional political organizations concerned with controlling conflict. Today, in the political field, regional dinosaurs such as the Organization of African Unity (OAU) and the Organization of American States (OAS) have re-emerged. They have been joined both by a large number of aspiring micro-regional bodies (such as the Visegrad Pact and the Pentagonale in central Europe; the Arab Maghreb Union (AMU) and the Gulf Cooperation Council (GCC) in the Middle East; ECOWAS and possibly a revived Southern African Development Community (SADC, formerly SADCC) led by post-apartheid South Africa in Africa), and by loosely institutionalized meso-regional security groupings such as the Conference on Security and Cooperation in Europe (CSCE, now OSCE) and more recently the ASEAN Regional Forum (ARF). In the economic field, micro-regional schemes for economic cooperation or integration (such as the Southern Cone Common Market, Mercosur, the Andean Pact, the Central American Common Market (CACM) and CARICOM in the Americas; the attempts to expand economic integration within ASEAN; and the proliferation of free trade areas throughout the developing world) stand together with arguments for macro-economic or ‘bloc regionalism’ built around the triad of an expanded European Union (EU), the North American Free Trade Area (NAFTA) and some further development of Asia-Pacific regionalism. The relationship between these regional schemes and between regional and broader global initiatives is central to the politics of contemporary regionalism.
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Djurovic, Gordana, and Damjan Lajh. "Relationship with the European Union: Slovenia and Montenegro Compared." Politics in Central Europe 16, no. 3 (December 1, 2020): 667–87. http://dx.doi.org/10.2478/pce-2020-0030.
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Abstract As part of former Yugoslavia and non -members of the Eastern Bloc, Slovenia and Montenegro enjoyed a special status and relationships with the European Communities (EC) before most other socialist countries. Economic and social interactions with the EC and its member states thus formed part of Slovenian and Montenegrin life even during socialism, particularly after Yugoslavia signed special agreements on trade relations with the EC in the 1970s and 1980s. In this respect, Europeanisation as ‘practical’ integration with the EC was closely linked with liberalisation processes concerning the economy, society and politics along with democratic transition processes that began in the late 1980s. When Slovenia joined the European Union (EU) in 2004 following a relatively smooth integration process, Montenegro was still holding EU candidate member status, after having officially started its accession negotiations in June 2012. The article analyses selected development and integration aspects of Slovenia and Montenegro, their relationship with the EU, together with their similarities and differences. The aim is to highlight developments in both countries and determine whether Slovenia, as an ex -Yugoslav republic and EU member since 2004, may serve as a good example for Montenegro to follow while pursuing European integration.
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Coelho Junior, Luiz Moreira, José Luiz Pereira de Rezende, Mario Javier Ferrua Vivanco, Antônio Donizette de Oliveira, and Luís Antônio Coimbra Borges. "Study of survival time in pulp export." CERNE 18, no. 4 (December 2012): 547–55. http://dx.doi.org/10.1590/s0104-77602012000400004.
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This study analyzed the time for a country to survive exporting pulp, using a Cox regression model. Covariates being used included data about population, Gross Domestic Product, total exports of forest products as an aggregate, pulp production and balance of trade for pulp, economic markets and blocks, and geographic regions. To select and check the most significant covariates, a proposal formulated by Collet (1994) was used. It was concluded that survival analysis via the Cox regression model proved to be a powerful tool for predicting the survival of a country exporting pulp; around 80% of countries that have pulp in their list of exports continue to export the commodity; out of the fifteen covariates selected for fitting the Cox model, four explain the model and two were found significant in explaining the survival of a country exporting pulp; international trade agreements were more significant in the Cox regression model than classes of macroeconomic forest indicators and geographic location; covariates explaining the odds of a country exporting pulp to survive, according to the hazard ratio, were, in descending order, integration between ECLAC and European Union, be a member of the European Union (V07) and be a member of ECLAC (V6); Brazil has 3.5 times as much chance of survival exporting pulp through an integration between ECLAC and the European Union than a country that is not a part of such integration; the probability that Brazil will survive exporting pulp is greater than the probability that Asian countries will.
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Bouget, Denis. "Social policy in the EMU area: between a dream and a nightmare." Transfer: European Review of Labour and Research 4, no. 1 (February 1998): 67–87. http://dx.doi.org/10.1177/102425899800400109.
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The creation of Economic and Monetary Union is an essential stage in the construction of a European economic entity. Its introduction is inherent in a general rationale of the development of trade and markets but the economic growth which EMU sets out to guarantee is frustrated by the increase in unemployment in several European countries. The traditional boundary between the economic policy sphere and the political sphere is fading. One of the fundamental drawbacks of the creation of EMU is that virtually all possibility of economic adjustment becomes confined to the labour market and social protection. The benefits of social protection are regarded exclusively from the standpoint of costs which have to be reduced, no account being taken of the long-term economic and social effects of such a policy. Protection of the nation states (i.e. the principle of subsidiarity) and the international logic of the market block European political integration at a pre-federalist stage and curtail its social dimension. The shortcomings associated with such political choices have now become obvious and politically unacceptable, compelling governments to embark on new national and/or European employment polices and to reconsider the instruments currently used by the EU in the social policy field (subsidiarity principle, coordination of social security systems, convergence of targets).
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Öniş, Ziya. "Globalization and Financial Blow-ups in the Semi-Periphery: Perspectives on Turkey's Financial Crisis Of 1994." New Perspectives on Turkey 15 (1996): 1–23. http://dx.doi.org/10.1017/s0896634600002466.
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Globalization versus the nation state has emerged as one of the central areas of controversy and debate in the field of international political economy in the context of the 1990s. The pace of technological change, the speeding up of communications and the extent of international economic integration have brought into question the effectiveness of many traditional national economic instruments. A number of investigators point towards the erosion of economic sovereignty and question the nation state as the main building block of governance. It is undoubtedly the case that the nation state is under pressure; yet it is also the case that the process of globalization is much more in evidence in some areas than others. Whilst we observe significant increases in the volume of trade and foreign direct investment over the past decade, the process of globalization has arguably proceeded further than anywhere else in the sphere of financial capital. Computerization, advanced telecommunications, and associated pressures for financial deregulation have resulted in a major increase in both the scale and mobility of financial capital across national boundaries. Capital is now so mobile that markets will ensure that holders of financial assets receive broadly the same risk adjusted real return anywhere. Any country that offers significantly lower returns will experience capital outflows and a rapidly depreciating exchange rate. It is now virtually impossible for countries to return to exchange controls as an instrument of economic regulation.
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Emanuele, Vincenzo, Bruno Marino, and Davide Angelucci. "The congealing of a new cleavage? The evolution of the demarcation bloc in Europe (1979–2019)." Italian Political Science Review/Rivista Italiana di Scienza Politica 50, no. 3 (July 6, 2020): 314–33. http://dx.doi.org/10.1017/ipo.2020.19.
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AbstractOver recent years, a new transnational conflict has been deemed to be structuring political conflict in Europe. Several scholars have posited the emergence of a new ‘demarcation’ vs. ‘integration’ cleavage, pitting the ‘losers’ and ‘winners’ of globalization against each other. This new conflict is allegedly structured along economic (free trade and globalization), cultural (immigration and multiculturalism), and institutional [European Union (EU) integration] dimensions. From an empirical viewpoint, it is still a matter of discussion whether this conflict can be interpreted as a new cleavage, which could replace or complement the traditional ones. In this context, the European Parliament (EP) elections of 2019 represent an ideal case for investigating how far this new cleavage has evolved towards structuring political competition in European party systems. In this paper, by relying on an original dataset and an innovative theoretical and empirical framework based on the study of a cleavage's lifecycle, we test whether a demarcation cleavage is structuring the European political systems. Moreover, we assess the evolution of this cleavage across the 28 EU countries since 1979 and the role it plays within each party system. The paper finds that the demarcation cleavage has emerged in most European countries, mobilizing over time a growing number of voters. In particular, this long-term trend has reached its highest peak in the 2019 EP election. However, although the cleavage has become an important (if not the main) dimension of electoral competition in many countries, it has not reached maturity yet.
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Buhner-Thomas, Victor. "Trade blocs? The future of regional integration." International Affairs 71, no. 3 (July 1995): 614–15. http://dx.doi.org/10.2307/2624876.
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Kim, ByungKoo, and Iain Osgood. "Pro-Trade Blocs in the US Congress." Forum 17, no. 4 (March 5, 2020): 549–75. http://dx.doi.org/10.1515/for-2019-0035.
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AbstractWho supports trade in the US Congress? We uncover the ideological space of trade voting, focusing on trade agreements and development policy as two fundamental cleavages around globalization. We then cluster members of Congress into coherent voting blocs, and identify the most pro-trade voting blocs in each Chamber. We find that these blocs: cross party lines; are ideologically heterogeneous; and are over-represented on the committees with jurisdiction over trade. We then examine two leading theories of Congressional voting – on constituency characteristics and campaign contributions – and find support for each using our learned voting blocs. Members of pro-trade blocs have defended their constituents’ and contributors’ interests by speaking out to confront the Trump administration’s protectionism. We conclude that unsupervised learning methods provide a valuable tool for exploring the multifaceted and dynamic divisions which characterize current debates over global economic integration.
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Koo, Min Gyo, and Vinod Aggarwal. "The Evolution of APEC and ASEM: Implications of the New East Asian Bilateralism." European Journal of East Asian Studies 4, no. 2 (2005): 233–62. http://dx.doi.org/10.1163/157006105774711413.
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AbstractThe traditional institutional equilibrium in East Asia—the embrace of the WTO at the multilateral level and a focus on market-driven, informal integration at the sub-multilateral level—is under heavy strain. Increasingly, East Asian countries are pursuing greater institutionalisation at the sub-multilateral level, weaving a web of preferential arrangements in response to similar strategies pursued by the US and the EU. This article examines the likely path of trading arrangements in Northeast Asia, its implications for East Asia and the future of APEC and ASEM. We propose an institutional bargaining game approach, focusing on goods, countries' individual bargaining situations and the fit with existing arrangements, and allowing an exploration of the evolution of trading arrangements in East Asia. An East Asian trading bloc has both benign and pernicious elements, depending on the ideas and beliefs held by regional actors. The contribution of a prospective East Asian bloc to APEC and ASEM primarily depends on the balance of interests between the US and the EU concerning East Asia. In view of the tremendous political and economic uncertainty in the global economy, the path to freer trade in Northeast Asia, East Asia and the world system is likely to be a bumpy one.
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Manzetti, Luigi. "The Political Economy of MERCOSUR." Journal of Interamerican Studies and World Affairs 35, no. 4 (1994): 101–42. http://dx.doi.org/10.2307/165956.
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Recent literature on regional integration has stressed the key role that emerging trading blocs will have in shaping the world economy of the 21st-century. With the end of the Cold War, policymakers have refocused their attention on economic issues. Economic trends — such as rapid changes in research, technology, capital flow, and trade patterns — have assumed a new importance. Increasing competition in world markets has induced industrialized countries to cluster together in regional economic blocs. This has been the case with the European Community (EC), the North American Free Trade Agreement (NAFTA) signatories (the United States, Canada, and Mexico), and possibly Japan and its East Asian neighbors. However, these experiments in regional integration differ appreciably in nature. For instance, the EC explicitly seeks an economic and political union, whereas the NAFTA is simply a free trade area whose goal is the eventual elimination of restrictions on investment flows.
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Downey, Clara. "MERCOSUR: A Cautionary Tale." International Business & Economics Research Journal (IBER) 13, no. 5 (August 23, 2014): 1177. http://dx.doi.org/10.19030/iber.v13i5.8783.
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Regional economic integration has resulted from the globalization phenomena. Nations establish trade blocs as a strategic maneuver, while firms seeking growth and investment opportunities require knowledge of prevailing business laws. Prudent, integrated policy-making will support the trade blocs interactions and provide firms with a sense of certainty. The business bankruptcy laws of South Americas largest trade bloc, MERCOSUR, are investigated to determine if they are moving toward alignment that would foster growth within the association and attract foreign investors.
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Kennedy, P. Lynn, and Garrett P. Sonnier. "Economic Integration and International Agricultural Trade." Journal of International Food & Agribusiness Marketing 9, no. 3 (February 20, 1998): 57–72. http://dx.doi.org/10.1300/j047v09n03_04.
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Saiki, Ayako. "Business Cycle Synchronization and Vertical Trade Integration: A Case Study of the Eurozone and East Asia." Global Economy Journal 18, no. 1 (March 2018): 20170101. http://dx.doi.org/10.1515/gej-2017-0101.
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Business cycle synchronization is one of the crucial conditions for a currency union to be successful. Frankel and Rose (1998) argued that increased trade after euro adoption would increase business cycle synchronization ex-ante. However, the fallout of the Eurozone forcefully demonstrated that their optimistic prediction did not turn out to be true. One thing Frankel and Rose (1998) did not examine is how different types of trade (inter vs. intra, vertical vs. horizontal, etc.) intensify/dampens business cycle synchronization. In this light, this paper empirically examines how different types of trade affect business cycle synchronization in what way. This study takes two major economic blocs that have been going under rapid economic integrations: The original Eurozone members and East Asia – integration of former mainly developing by European government initiative and the latter naturally forming by the global supply chain and associated product segmentation. Comparing these two very different economic blocs with very different factor endowment structures would give us a more convincing answer to how different types of trade can influence business cycle synchronization differently. Our key finding is that, on the contrary to Frankel and Rose (1998) , the impact of increased trade intensity on business cycle co-movement is ambiguous. The impact of trade on business cycle synchronization depends on types of trade. Intra-industry trade, especially vertical intra-industry trade which is rapidly growing in East Asia, has a strong positive effect on business cycle synchronization while inter-industry trade does not.
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CHANG, YUAN-CHING. "Economic Interdependence and Third-Party International Interactions: A 30-Country Third-Party Bloc Case Study." Japanese Journal of Political Science 9, no. 1 (April 2008): 63–87. http://dx.doi.org/10.1017/s1468109907002824.
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AbstractThe trade–conflict model claims that one state, designated ‘actor’, is deterred from initiating conflict against a trading partner, designated ‘target’, for fear of losing the welfare gains associated with trade. This paper extends the trade–conflict model to garner implications concerning trade and conflict interactions where third-party blocs are involved. The theoretical propositions supported by proofs are: (1) if the actor increases trade with a third-party who is a friend of the target, then the actor will decrease conflict toward the target; (2) if the actor increases trade with a third-party who is a rival of the target, then the actor will increase conflict toward the target. A 30-country sample from the Conflict and Peace Data Bank (COPDAB) is used and divided into three blocs, namely a Western bloc, a Middle Eastern bloc, and an Eastern bloc. The empirical analysis supports the hypotheses. A similar relationship is also discussed and tested for situations in which conflict increases or decreases between the actor and third-party bloc. In addition, the evidence shows that Western bloc countries play a central role in world political and economic relationships.
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Chakraborty, Debashis, Julien Chaisse, and Shameek Pahari. "Global auto industry and product standards." Journal of International Trade Law and Policy 19, no. 1 (February 24, 2020): 8–35. http://dx.doi.org/10.1108/jitlp-10-2019-0063.
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Purpose This paper aims to analyze whether the domestic policy reforms in India would suffice, or there is a need to conform to stricter international standards as well. The paper is arranged along the following lines. First, the paper offers a brief review of the cooperation in the field of harmonization of vehicle regulations which is provided by the so-called WP.29 Forum. Second, the United Nations Economic Commission for Europe (UNECE) standards and their membership along with Indian participation in the forum are presented. Third, reforms in India through the “Make in India” (MII) initiative and its trade in the auto-component segment are analyzed. Fourth, the possible non-tariff barriers (NTBs) on imports of auto-components in select partner countries is computed and presented. Fifth, the penetration pattern of partner countries in India’s automotive sector export value chain is analyzed. Finally, based on the observations, key policy conclusions are drawn both from global and Indian perspectives. Design/methodology/approach This paper blends expertise in law and economics and enables readers to have a finer understanding of the automotive sector which is one of the most internationalized product groups in world trade, characterized by not only cross-border movement of final products, but also of intermediate products like auto-parts and components as well as major global investment and relocation decisions. This paper focuses on India for four crucial reasons, which makes India both a key player (and potential disruptor) at global level and the rather complex approach chosen by the country vis-a-vis many regulations (including UNECE and WTO), reflecting its tendency to rely on domestic consolidation through measures such as the 2014 MII initiative. Findings The data analysis in the current paper indicates that after conforming to the UNECE 1998 standard, India’s relative trade with these countries has increased both in terms of auto-components and automobile products. Moreover, the value contribution from these partner countries in India’s exports is rising. On the other hand, the relative share of the UNECE 1958 countries in India’s trade basket has declined and a mixed trend is noticed for the common contracting parties (CPs). In addition, the share of the countries without accession to any of the UNECE agreements in India’s trade has shown an upward trend. The observation indicates that the divergence in automotive product standards might crucially influence India’s trade flows. It seems that in the short run, an orientation for exporting to UNECE 1998 partners and non-members emerges as a dominant strategy, underlining a specialization in medium-quality segment. Nevertheless, the long-term robustness of such a move deserves closer analysis, particularly by focusing on whether India may need to join the UNECE 1958 agreement to sustain its export growth. Before joining UNECE 1998, the sector has enjoyed protection through high tariff barriers. Given the differing perspective on opening-up, automobile sector earlier emerged as an obstacle in conclusion of EU–India Bilateral Trade and Investment Agreement (BTIA), which is being negotiated since 2007. However, after entry into an regional trade agreement (RTA), tariff preference in itself may not provide a country the requisite market access. The recent standard-setting exercises in ASEAN, a group with which India is deepening trade integration since 2010, may be considered as a case in point. Research limitations/implications The analysis so far indicates that absence of participation in UNECE 1958 standard may restrict future options for India. Presently, Indian vehicle exports are reaching UNECE 1998 member countries (e.g., Ford India sending Ecosport to USA). It is also directed towards African and Latin American countries, presently not part of any agreement. However, the ASEAN countries, currently partnering India through free trade agreement (FTA), are increasingly moving towards UNECE 1958 standards. India’s sectoral trade surplus with ASEAN countries over 2009-2013 to 2014-2018 has declined from US$548.44mn to US$529.53mn, respectively. The potential challenges in reaching ASEAN and other UNECE 1958 member countries, in turn, may influence the relocation decisions of global auto majors in India, defeating the core purpose of MII initiative. Practical implications Given the scenario, a number of policy choices for India emerge. First, joining UNECE 1958 may not be a short-run option for India, but after evaluating the evolving trade pattern, in the long run, the country may consider adopting certain core 1958 standards, in line with its economic interests. Such a move may facilitate greater export flows from India to UNECE 1958 countries. The experience of Indonesia and Vietnam, who have conformed to select UNECE 1958 standards in spite of not being formally part of any agreement, deserves mention in this regard. Second, it is observed that India’s trade balance (TB) is not improving for several Regional Comprehensive Economic Partnership (RCEP) member countries, in spite of obtaining tariff preferences through an existing trade bloc. Part of the poor performance has been explained by Indian exporters often using the most favoured nation route rather than the preferential route, to avoid the associated compliance-related complexities. The standards and mutual recognition agreements (MRAs) conformance provisions in ASEAN–India FTA are also found to be weaker vis-à-vis the comparable provisions for other ASEAN-centric bilateral RTAs with other RCEP members. This underlines the need for both rules of origin (ROO) reforms and agreement on MRAs, which may enhance the trade potential in general and in automotive sector in particular. In the short run, India should therefore attempt to enhance exports to the UNECE 1998 members and CPs, given the commonality in standards. However, in the long run, there is a need to explore harmonization with certain core 1958 standards, to promote exports in general and even within its RTAs in particular. Originality/value The automotive sector is one of the most internationalized product groups in world trade. It is known that harmonization of product standards with partner countries can facilitate bilateral trade flows. Presently, three agreements exist for harmonization of automotive standards relating to passenger and vehicle safety under the aegis of UNECE – UNECE 1958, UNECE 1997 and UNECE 1998. Through a series of reforms and launch of the MII initiative in 2014, India has deepened its presence in world automotive sector trade and aspires to play a bigger role in coming days. Moreover, India is a WTO member and has joined the UNECE 1998 standard in 2006, which means that several important conventions regulate and bind the country. The current paper intends to analyze whether the domestic policy reforms in India would suffice in promoting the exports from this sector, or there is a need to conform to stricter international standards. The data analysis reveals that India’s relative trade orientation is deepening towards the UNECE 1998 members and countries not part of any UNECE agreements. On the other hand, the relative trade share of the UNECE 1958 countries in India’s trade basket has declined and a mixed trend is noticed for the common CPs. The analysis indicates that the divergence in automotive product standards might crucially influence India’s trade flows in general and participation in international production networks in particular. The paper argues that in the long run, India needs to consider adherence to certain UNECE 1958 standards as well as speeding up the pending domestic reforms.
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Garashchuk, Anna, Rivera Podadera, and Castillo Isla. "The Eurasian Economic Union in search of strategic partners: The gravity effects of integration blocs." Panoeconomicus, no. 00 (2021): 8. http://dx.doi.org/10.2298/pan190612008g.
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The present contribution aims at researching the new Eurasian project on the post-Soviet area, the Eurasian Economic Union, by analyzing the legal aspects of both its institutional and economic frameworks. Because of its relatively small size, not only should the Eurasian Economic Union increase bilateral trade with its member states but also promote commerce outside the Union. In this regard, the crucial objective for success is the development of long-term relationships with its strategic partners based on mutual economic benefits and shared values. We applied the gravity model and identified not only which factors influence bilateral foreign trade, including the differences in partners? values based on a neo-institutional approach, but also analyzed those integration blocs and groups of countries to determine with which partners the Eurasian Economic Union should develop strategic partnerships.
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Vinokurov, E. "Eurasian Economic Union: A sober look." Voprosy Ekonomiki, no. 12 (December 20, 2016): 43–60. http://dx.doi.org/10.32609/0042-8736-2016-12-43-60.
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The paper appraises current progress in establishing the Customs Union and the Eurasian Economic Union (EAEU). Although the progress has slowed down after the initial rapid advancement, the Union is better viewed not as an exception from the general rules of regional economic integration but rather as one of the functioning customs unions with its successes and stumbling blocs. The paper reviews the state of Eurasian institutions, the establishment of the single market of goods and services, the situation with mutual trade and investment flows among the member states, the ongoing work on the liquidation/unification of non-tariff barriers, the problems of the efficient coordination of macroeconomic policies, progress towards establishing an EAEU network of free trade areas with partners around the world, the state of the common labor market, and the dynamics of public opinion on Eurasian integration in the five member states.
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Chang, Shu-Man, Yo-Yi Huang, Kuo-Chung Shang, and Wei-Tzu Chiang. "Impacts of regional integration and maritime transport on trade: with special reference to RCEP." Maritime Business Review 5, no. 2 (May 4, 2020): 143–58. http://dx.doi.org/10.1108/mabr-03-2020-0013.
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Purpose The proposed Regional Comprehensive Economic Partnership (RCEP) will become a large trade agreement in Asia, which has brought together the ten members of Association of Southeast Asian Nations (ASEAN) and five of the neighbors’ countries. Under the trend of globalization, the progress of the transportation industry and regional integration will increase the volume of trade, therefore maritime performance is intrinsically linked to trade. In fact, few studies have examined regional integration in the context of seaborne. This paper aims to use the cluster analysis and Poisson quasi-maximum likelihood (PQML) gravity model to investigate the trading bloc phenomenon and relation between trade and marine transportation. Design/methodology/approach In this paper, hierarchical clustering analysis and tree diagrams are used to identify functional areas characterized by bilateral trade intensity and bilateral liner shipping connectivity indices. Regional reorganizations that have occurred within Asian countries were studied. This study illustrates that these trading blocs have a positive impact on trade when maritime transport, production and trading networks have developed between regions. A gravity model was constructed using worldwide trade data for 2007, 2010 and 2015. The study considered free trade agreement (FTA)/common market (CM) of EU, RCEP and North American Free Trade Agreement (NAFTA) as regional dummies and designed a real trade bloc induction variable. In addition, the study did not use the commonly adopted ordinary least squares (OLS) estimation but used the PQML method to estimate the gravity equation to overcome the problem of a large number of zero trade observations. Preliminary results show that regional integration cannot guarantee the establishment of intraregional trade but depends on the stage of economic development and regional industrial characteristics. Findings The major findings are summarized as follows. Both liner shipping connectivity and logistics performance have significant advantages with positive coefficients in each regression results. The creation of intraregional trade is not guaranteed, depending on the characteristics of the trade and the stage of economic development of the region. For RCEP, the effect created by intra-regional trade is better than the EU. Instead, the “nominal” intra-RCEP trade was significantly below the “real” trading blocs. For RCEP, the effect created by intra-regional trade is better than that of the EU. Instead, “nominal” intra-RCEP trade is much lower than “real” trading blocs. The real trading bloc between East Asia and Taiwan clearly exists, and the bloc phenomenon is becoming more and more significant. This result shows that Taiwan’s trade flow with East Asia is higher than the normal level relationship implied by its corresponding economic and geographical conditions. Originality/value This paper focuses on new empirical work done for this study is on the potential impact on trade. Earlier studies that have discussed and/or provided estimates of the benefits to the RCEP plan from improved transport and supply chain connectivity are cited. Marine transportation performance inherently links to economies of commerce. Few studies have examined regional integration in the context of maritime transportation, which reflects the lack of a mix of trade economists and maritime logistics research in the existing literature. This paper attempts to investigate the trading bloc phenomenon formed by regional integration (such as RCEP) and the relation between trade and marine transportation. With the official entry into force of the RCEP in 2020, it will promote increased trade and demand for logistics and maritime transport services in East Asia.
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Zia, Uzma, and Zafar Mahmood. "Tests of Income Convergence in ASEAN and SAARC Trading Blocs." South Asia Economic Journal 20, no. 2 (July 30, 2019): 167–83. http://dx.doi.org/10.1177/1391561419858239.
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The cherished goal of speedy economic growth in the Asian regional blocs cannot be achieved without attaining income convergence among them. Economic integration and assessment of income convergence or disparities among Asian blocs is the aim of this study. This study assesses a number of factors, such as trade openness, foreign direct investment, intellectual property rights protection and governance, to see how open economies are integrating themselves while competing with each other. Findings reveal that the SAARC group has not shown intra-regional income convergence, while the ASEAN group provides sufficient evidence. Although simultaneously considering SAARC and ASEAN groups in the form of a panel, there is evidence of non-convergence between the two regional groups. An important policy implication of the study is that the ASEAN and SAARC blocs are in dire need for combined and collective policy framework at the regional level. JEL: O19, O31, F15
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Chiu, Y. Stephen. "Public Goods Provision, International Trade, and Economic Integration." Southern Economic Journal 63, no. 4 (April 1997): 1006. http://dx.doi.org/10.2307/1061237.
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Kryvenko, Nadiia. "Features of international economic integration in Latin America." Scientific Horizons 23, no. 12 (December 29, 2020): 99–108. http://dx.doi.org/10.48077/scihor.23(12).2020.99-108.
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The growth of the importance and number of integration groups continues, with agreements concluded by countries on all continents. This affects not only the development of their member countries, but also third countries, in particular trade with them. A considerable number of trade and economic associations have been established in Latin America, and although scholars mainly study the MERCOSUR, it is advisable to consider other groups, and the integration of developing countries begins in Latin America. The purpose of the study is to investigate the development of integration processes in Latin America and the specific features of foreign trade of specific trade and economic associations. For this purpose, the studies of foreign and Ukrainian scientists, statistical data of international organisations, as well as methods such as analysis and synthesis, comparative, historical, graphic methods were used. The study considered the reasons of integration in Latin America, which were conditioned by internal problems of the countries, the separate stages of such integration, specifying features of each stage; the advantages of integration that became a driving force of development of trade were also considered. It is advisable to take into account the factors that contributed to the integration of future regional trade agreements, as well as the level of development of individual integrating countries, their participation in other trade and economic associations, international organisations and other factors. Calculations on the areas of trade indicated that in 2018, compared with 1995, the total and intraregional exports of the studied integration groups increased, and the share of the latter did not drop below 10.5%, except for the Andean Community, and in some groups reached 20%, although this period was described with a decrease for most trade and economic associations. The results of the study suggest the development of integration processes in Latin America, but it is necessary to consider the influence of internal and external economic factors, as well as methods of regulation and adaptation